Project Overview

The 200 km2 Bikoula licence and contiguous 200 km2 Ndjele licence are located in the south of Cameroon, approximately 150km south of the capital Yaoundé. The project is located on the westerly geological strike of Nkout iron ore (2.5Bt + 64Mt DSO) and 160km NW of Mbalam iron ore (2.4Bt + 500Mt DSO) deposits. Importantly the projects are located on the road network that links to the deep water port at Kribi and the project is also approximately 30km from the proposed trans-Cameroon iron ore rail line. Bikoula and Ndjede were originally identified by strong anomalies generated by an airborne magnetic survey which was completed by Aluvance in 2012.

Strategic iron ore corridor

Magnetic anomalies across licence

Schematic cross-section

Exploration Programme

At Bikoula the Company has defined a maiden JORC compliant Inferred Mineral Resource of 46 Mt at 44% Fe, from less than 25% of the 17km long (Libi Hills) target. Forty eight drill holes have been completed to date with drilling results including 57.8m at 51.4% Fe, including 30.8m at 57.9% Fe from 3.8m. Included in this is a supergene haematite cap of 5Mt at 52.7% Fe. The Ndjele licence hosts the western extension of the Libi Hills magnetic anomaly, which comprises an additional 13km of mineralised strike potential in addition to the 17km strike within the Bikoula licence. A number of grab samples have been collected across the Ndjele Licence which have returned up to 64.84% Fe and low silica contents. The colluvial and supergene ore from the Bikoula licence has been tested by Bureau Veritas (Perth) and SGS (Truro) respectively and returned positive results, indicating a yield of 62.26% Fe concentrate from gravity separation alone.

An Environmental and Social Impact Assessment has been completed by Digby Wells Environmental, whcih reported that the surrounding population are supportive of the work undertaken to date and the potential employment and development opportunities.